Binance Announces BTT Give Away Trading Competition of 200 Million BitTorrent Tokens

As per an all new blogpost released by Binance a couple of hours back, the firm has announced the successful launch of the BTT token on its native ‘Launchpad’ platform.

In addition to this, the firm has also committed a total of 200,000,000 BTT that will be doled out as prizes to customers based all across the globe.

Some Takeaways From Today’s Announcement

  • Binance users with “net deposits” (excluding withdrawals) of 1,500,000 BTT or more will be eligible to procure a portion of the 50,000,000 BTT prize-pool that has been set aside for initial investors.
  • The top-100 traders on the platform will get to share a pool of 100,000,000 BTT coins. The distribution will be based on the proportion of their “own BTT trading volume against the total trading volume of the top 100 traders during the competition period”.

The Reward Share of Each Individual Will be Calculated Using the Following Formula:

  • Rewards for each user in the top 100 = (Each user’s total trading volume / Top 100 users’ total trading volume) × 100,000,000 BTT

Other Key Facets of the Announcement to Bear in Mind

  • A total of 50 Binancians will be given the opportunity to win 1,000,000 BTT. However, in order to participate in this lucky draw, traders will need to exchange “at least 5,000,000 BTT on Binance during the competition period”. This can include the buying/selling of any BTT trading pairs available on the platform.
  • In the spirit of transparency, Binance will conduct the above mentioned draw via a live broadcast (that will be shown on multiple social media platforms simultaneously). The time for the livestream will be announced at a later date.

Final Take

In closing out the announcement, Binance has made it clear that it “reserves the right to cancel or amend the Promotion or Promotion Rules at any time”.

Additionally, the firm also has also announced that the winners of the Deposit Promotion or Trading Competition “will not be able to participate in the Lucky Draw.”

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